At a time when India is focussing on providing affordable housing for all, there is a segment called designer homes, catering to the premium clientele, which is witnessing a spurt in the past few years. Many high-net-worth individuals (HNIs) are investing in such projects that offer style and exclusivity, despite skyrocketing prices.
India is on the fast track to development and is among the biggest economies in the world. India presents a hugely lucrative market for designer homes, drawing investments from all players in the real estate sector. The demand for designer homes has been steadily rising on the back of the higher disposable incomes among the Indian middle-class.
What are designer homes?
Designer homes are those that are constructed based on a specific theme or an architectural style, predefined by a chosen style. The theme also reflects in the choice of furniture and other fixtures. The specifics may be in the architectural style and/or the furnishing and fittings used in the house.
The concept of designer homes or interior designing arises mainly as a consequence of the development of society and the complex architecture that resulted due to the industrial revolution in the 17th century in Europe. “However, it is in the 19th century with the prosperity of the middle class that the practice of interior designing gained widespread popularity and it is with the dawn of the 20th century that designer homes, as we know it today, began emerging with the adoption of tailor-made styles to suit the need and preference of the customer”, avers RK Arora, Chairman, Supertech Limited.
The features of designer homes are based on the specific requirement of the owner for single homes and may be based on a particular theme or a particular era. For designer projects, the features are decided to reflect a particular design language or approach by a qualified designer tasked with the job. Furniture’s and fitting along with decorative items for designer homes may be sourced from across the globe or be tailor-made by local artisans and craftsmen to reflect the chosen design.
Designer homes are targeted at the uber rich individuals and those in the upper middle-class who want to move up the social ladder. Businessmen and CEO’s of global companies and NRIs also feature among the prospective customers. “Prices vary from project to project and may start from Rs 1 crore onwards. Supertech’s ORB development project in Sector 74, Noida, for instance, has homes in the range of Rs 1.2-2.4 crore. The interiors of this project have been designed by Master Mind Twinkle Khanna”, adds Arora.
How are they different from luxury and ultra-luxury homes?
Designer homes may also feature the same fixtures as a luxury or ultra-luxury home. However, the basic difference here is that every piece of furniture or fixture in a designer home is carefully chosen to conform to a specified theme and design, whereas in luxury and ultra-luxury home, the contents are provided by the builder or developer who may or may not take the help of an interior designer to decide on what the home features.
Cities witnessing demand
Demand for designer homes are coming from cities such as Delhi, Mumbai, Noida, Gurgaon, Bangalore and Hyderabad. In fact, all major cities in India including several tier II and even tier III cities have exhibited demand for designer homes albeit in varying degrees.
Experts opine that demand for designer homes will increase keeping in mind the country's high rate of economic growth. With the Indian economy slated to grow more than seven percent next year, it will create decent wealth creation over the next decade enabling people to spend more on luxury products.